Bank of Maharashtra Q2 Net profit surges 72% on year

 

State-owned Bank of Maharashtra (BoM) has announced a profit of 71.8 per cent at Rs 919 crore year on year (Y-o-Y) at the end of the July-September quarter (Q2) for the financial year 2023-24 (FY24) in its consolidated results. The announcement came through a regulatory filing on BSE on Monday.

Last year, the bank recorded a profit of Rs 4,317 crore for the same period. The total income for this quarter also went up 32.8 per cent Y-o-Y at Rs 5,735 crore from Rs 4,317 crore.

Compared to the previous quarter that ended in March, profits rose by 4.2 per cent from Rs 882 crore, and income rose by 5.86 per cent from Rs 5,417 crore.

Net Interest Income (NII) went up 28.9 per cent to Rs 2,432 crore from Rs1,887 crore, Y-o-Y.

Gross non-performing assets (NPA) are down to 2.19 per cent in Q2FY24. Last year, during the same period, it was 3.40 per cent. Net NPA declined to 0.23 per cent at the end of the latest quarter compared to Q2FY23, when it stood at 0.68 per cent. In Q1FY24, gross NPA stood at 2.28 per cent and net NPA at 0.24 per cent.

Operating costs have gone up by 27 per cent compared to the same period last year at Rs 1,179 crore from Rs 927 crore. Quarter-on-quarter, it was a marginal growth of 6.67 per cent from Rs 1,105 crore.

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State Bank of India(SBI) Q2 Net profit rises 9.13%

State Bank of India (SBI), India's largest lender, on Saturday reported a 9.13% growth in consolidated net profit for the September quarter to ₹16,099.58 crore. It had reported a consolidated net profit of ₹14,752 crore in the year-ago period and ₹18,356 crore in the June quarter.

On a standalone basis, it posted a net profit of ₹14,330.02 crore as against ₹13,264.52 crore in the year-ago period. The net interest income (NII) grew at 12.3% year-on-year.

The bank reported a total income of over ₹1.12 lakh crore for the quarter under review, up from ₹88,733 crore in the year-ago period.

From an asset quality perspective, its gross non-performing assets ratio was at 2.55% as of September 30, an improvement from the 3.52% in the year-ago period and the 2.76% in the first quarter of the current fiscal.

Its overall capital adequacy stood at 14.28% as of September 30.

SBI Chairman Dinesh Khara said, "The outlook for domestic activity is brightening even as corporation de-leverage and post strong bottomlines. The growth is expected to gain momentum for the rest of the year. On external front, CAD is modest with sufficient forex buffers insulating the economy."

Kaitav Shah, Hd-BFSI, Anand Rathi Instl Eq said, "The numbers broadly seem to be in line with what has been the expectation. We just have to look at what kind of growth SBI did. I think they generally deliver in line with what the credit growth for the system has been? NII growth at ₹39,500 crore is very much in line with our expectation. We will just await what is happening at the pre-provisioning operating profit level to get a better view on or a sense on what the numbers have been. We were any which ways expecting a benign asset quality for this quarter."

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Bank of Baroda(BoB) Q2 profit rises 28% YoY

 

Bank of Baroda on Saturday reported a 28.4% year-on-year (YoY) rise in net profit for the quarter ended September 2023 to Rs 4,253 crore. Total income from operations increased by 39% on year to Rs 32,033 crore.

Net interest income (NII), the difference between interest earned and interest expended, grew by 6.5% YoY to Rs 10,831 crore.

The non-interest income grew more than two-fold on year to Rs 4,171 crore during the quarter.

Provisions and contingencies for the quarter increased to Rs 2,161 crore from Rs 1,627 crore a year ago.

The gross non-performing assets ratio as of September end stood at 3.32%, compared to 5.31% a year ago and 3.51% a quarter ago. The net non-performing assets ratio as of September end stood at 0.76%, compared to 1.16% a year ago and 0.78% a quarter ago.

The capital adequacy ratio under Basel-III norms was 15.30% as of September end, compared to 15.25% a year ago.

The global net interest margin (NIM) for the quarter stood at 3.07%, the state-owned lender said in a release.

Operating profit for the quarter increased by 33% on year to Rs 8,020 crore. The cost-to-income ratio reduced to 46.54% from 49.74% a year ago.

The bank’s balance sheet remained robust, with a provision coverage ratio of 93.16%. The credit cost remained below 1% at 0.92% during the quarter.

The global advances saw a strong 17% YoY growth during the quarter, led by robust retail loan book growth. Organic retail advances grew by 22%, led by higher focus on auto loan, home loan, personal loan, mortgage loan, and education loan.

The lender achieved a total business of Rs 22.74 lakh crore, registering a growth of 16% YoY.

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Bank of India(BoI) Q2 Net profit rises 52%

 

Bank of India on November 4 reported a 52 percent rise in its net profit to Rs 1,458.43 crore in the second quarter of the current financial year. In the year-ago period, the state-owned lender reported Rs 960 crore net profit.

This was on the back of sharp improvement in the asset quality and increase in margins of the lender.

On a sequential basis, net profit has fallen 6 percent.

In the reporting quarter, the asset quality of the state-owned lender improved sharply with gross non-performing assets (NPA) ratio stood at 5.84 percent, as compared to 8.51 percent in a similar period last year.

Similarly, net NPA ratio fell to 1.54 percent as on September 30, 2023, as against 1.92 percent in a year ago period, and 1.65 percent in a quarter ago period.

In absolute terms, gross NPA of the bank stood at Rs 31,719 crore as on September 30, 2023, as compared to Rs 34,582 crore as on June 30, 2023, and Rs 42,014 crore as on September 30, 2022.

Whereas, net NPA stood at Rs 7,978 in July-September quarter, as against Rs 8,119 crore in a quarter ago period, and Rs 8,836 crore in a year ago period.

In reporting quarter, Provision Coverage Ratio (PCR) improved by 62 basis points (bps) on-year, as per release. PCR of the state-owned bank stood at 89.58 percent as on September 30, 2023, as against 88.96 percent in a year ago period.

Net interest Income

The net interest income (NII) of the bank in July-September quarter rose 13 percent on-year to Rs 5,740 crore, as compared to Rs 5,083 crore in a year ago period.

However, on a quarterly basis, NII of the bank fell 3 percent.

The interest income of the bank in the reporting quarter was Rs 14,971 crore, and interest expanded stood at Rs 9,231 crore.

Net interest margins of Bank of India by 4 bps in reporting quarter to 3.08 percent. In a year ago period, it stood at 3.04 percent, and 3.03 percent in a quarter ago period.

Deposits and advances

Global Business increased by 9.25 percent on-year from Rs 11,41,356 crore in September 2022 to Rs 12,46,879 crore in September 2023.

Global Deposits increased by 8.68 percent on-year from Rs 6.5 lakh crore in September 2022 to Rs 7.03 crore in September 2023.

Global Advances increased by 10 percent on-year from Rs 4.94 lakh crore in September 2022 to Rs 5.43 lakh crore in September 2023.

Domestic Deposits increased by 8.61 percent on-year from Rs 5.51 lakh crore in September 2022 to Rs 5.99 lakh crore in September 2023.

Domestic Advances increased by 9.80 percent on-year from Rs 4.12 lakh crore in September 2022 to Rs 4.53 lakh crore in September 2023.

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UCO Bank Q2 Net profit falls 20.3%

Public sector lender UCO Bank on November 3 reported a 20.3 percent fall in net profit at Rs 401.67 crore for the July-September quarter of the financial year 2023-24.

The Kolkata-headquartered bank reported a net profit of Rs Rs 504.52 crore in the year-ago period.

The bank's gross non-performing assets (GNPAs) declined to 4.14 percent from 4.48 percent of the year-ago period. Its net non-performing assets (NNPAs) fell to 1.11 percent from 1.18 percent.

Bank's total business grew by 10.56 percent to Rs.417145 crore on y-o-y, wherein Gross Advances up by 17.99 percent to Rs. 167734 crore on y-o-y & total deposits grew by 6.07 percent to Rs.249411 crore on y-o-y. UCO Bank's, Capital Adequacy Ratio (CRAR) improved to 16.83 percent as on September 30, 2023, as compared to 14.02 percent on September 2022, with Tier 1 ratio of 14.19 percent as of Sept 2023 as against 11.25 percent as on Sept 2022 registered an improvement of 281 bps and 294 bps in CRAR and Tier 1 respectively.

The bank has a network of 3213 domestic branches and 2 overseas branches in Hong Kong and Singapore & 1 Representative office in Iran. Out of the total branches, Bank has 61.78 percent i.e. 1985 branches in rural & semi-urban areas. The bank has 2472 ATMs and 8747 BC (Business Correspondents) Points making the total number of 14435 touch points as of September 30, 2023.

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Canara Bank Q2 Net profit zooms 43% YoY

 

Public sector lender Canara Bank on October 26 reported a net profit of Rs 3,606 crore for the July-September quarter of FY24, up 43 percent from the year-ago period.

The lender's net interest income (NII) came in at Rs 8,903 crore, 19 percent higher from the the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 4.76 percent, down from 6.37 percent in year-ago period. Net NPA for the quarter improved to 1.41 percent from 2.19 percent in the year-ago period.

Deposit of the bank stood at Rs 11.43 lakh crore growing by 8.22 percent and domestic advances stood at Rs 8.78 lakh crore growing by 12.59 percent.

The lender's RAM credit grew by 13.63 percent to Rs 5.16 lakh crore and constitutes 56 percent of the total advances. Retail credit grew by 10.56 percent with housing loan growth at 12.32 percent and education Loan grew by 14.68 percent whereas vehicle loan grew by 9.29 percent.

The bank's retail portfolio increased to Rs 1.48 lakh crore and grew by 10.56 percent. Housing loan portfolio increased by 12.32 percent to Rs 88,564 crore and advances to agriculture grew by 20.54 percent to Rs 2.36 lakh crore.

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Union Bank Of India Q2 Profit Jumps 90%

 

Union Bank of India's profit jumped 90% in the July–September quarter on account of a significant drawdown in provisions.

The public sector lender reported a net profit of Rs 3,511 crore in the second quarter of fiscal 2024 as compared with Rs 1,847 crore over the same period last year, according to an exchange filing on Friday. Analysts polled by Bloomberg pegged its standalone net profit at Rs 3,139 crore.

Sequentially, the bottom line rose 8.5%.

The net interest income increased 10% to Rs 9,126 crore from Rs 8,305 crore in the year-ago period. As on Sept. 30, the net interest margin stood at 3.18%, up 5 basis points from the quarter ended June.

The bank's domestic advances grew 9.2% year-on-year to Rs 8.2 lakh crore during the quarter, propped up by a strong pickup in education and gold loans. However, the absolute share of the two segments in the loan mix was low.

Domestic deposits increased 7.4% to Rs 11.2 lakh crore in the second quarter. As of Sept. 30, the current account and savings account ratio stood at 34.6%.

The bank met the priority sector lending requirements as prescribed by the Reserve Bank of India, under which all banks have to lend 40% of the adjusted net bank credit towards agriculture, micro enterprises and other economically disadvantaged sections.

The share of loans disbursed to women by the bank was exceedingly well above the 5% benchmark set by the RBI under its PSL norms, according to the investor presentation.

The bank's operating expenses rose nearly 12% to Rs 5,600 crore during the reporting period.

Union Bank of India's asset quality improved, with the gross non-performing assets ratio at 6.38% from 7.34% in the previous quarter. The net NPA ratio fell 28 bps to 1.3%, from 1.58% in the first quarter.

While fresh slippages during the quarter amounted to Rs 2,527 crore, accounts worth Rs 984 crore were upgraded. Loans worth Rs 6,018 crore were written off during the period.

Of the total provisions, the amount set aside for bad loans was Rs 1,691 crore during the quarter, nearly 40% lower than what was provided in the same quarter of the previous year.

The bank's provision coverage ratio stood at 92.03% as of Sept. 30. Its capital adequacy ratio was at 16.69%, with CET-1 ratio at 13.05% and tier-II at 2.12%. Out of Rs 10,100 crore approved by the board to be raised this financial year, the bank has already raised Rs 5,000 crore through equity.

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Punjab National Bank(PNB) Q2 Net profit zooms 327%

 

Public sector lender Punjab National Bank (PNB) reported a 327 per cent year-on-year (YoY) rise in net profit at Rs 1,756 crore for the September quarter compared with Rs 411.27 crore in the corresponding quarter of the last fiscal. Net interest income (NII), the difference between the interest earned from lending activities and the interest paid, rose to Rs 9923 crore in the September quarter of the current fiscal.

Operating profit of PNB climbed 11.66% to Rs 6216.43 crore in Q2 against Rs 5567.21 crore in the September quarter of the last fiscal. 

Asset quality of the lender improved in the last quarter. Gross NPAs fell to Rs 65,563.12 crore in Q2 against Rs 87,034.79 crore in the September 2022 quarter. Gross NPA ratio slipped to 6.96% in Q2 against 10.48% in the corresponding quarter of the previous fiscal. 

Debt to equity ratio of PNB fell to Rs 0.76 in Q2 against 0.91 in the September 2022 quarter. 

Net NPA ratio slipped to 1.47% in Q2 against 3.80% in the September 2022 quarter. Net NPAs declined to Rs 13,114.12 crore in Q2 compared to Rs 29,348.16 crore in the September 2022 quarter.

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